COLUMBUS, Ohio (March 6, 2006) – A continuing care retirement community in north-central Illinois will add a community center and prepare for additional independent living residents with a $9.9 million financing underwritten today by Lancaster Pollard.
An exercise area, garden room, workshop, computer room and art studio are all being considered for the new center at Pinecrest Community, which provides a full range of senior care from independent living to skilled nursing and care for residents with Alzheimer’s disease.
The tax-exempt bond issuance provides for the $1.9 million community center as well as infrastructure to prepare for future independent living cottages, which will help Pinecrest Community expand its mission to serve more area seniors. It also refinances existing debt. Lancaster Pollard structured the issuance with a bank letter of credit to reduce interest cost and achieve the lowest possible cost of capital.
“Pinecrest has continued to strengthen its balance sheet, and this debt structure allows them to build on that strength while retaining the stability they need for future expansion,” Lancaster Pollard Vice President Steve Kennedy said. “The new facilities will help them expand market share, and residents will have a great new place to exercise and socialize.”
Pinecrest Community is affiliated with the Church of the Brethren, which began serving the area’s senior community in 1893.
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